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Nuclear energy is undergoing its most significant revival in decades and investors are taking notice. Shares of nuclear stocks related companies and ETFs have been surging, fueled by a wave of political support and soaring energy demand. Global investment in nuclear power has grown at a compound annual rate of nearly 15% over the past four years, and nuclear electricity generation is on track to hit record highs in 2025.
 

Rising Nuclear Stars: NuScale and Oklo

Two standout performers are NuScale Power (SMR) and Oklo Inc (OKLO), whose shares have skyrocketed more than 100% and 190% respectively in 2024. This momentum is driven less by climate concerns and more by surging power demand from AI and data centers.

In 2023 data centers consumed over 4% of total U.S. electricity. That figure is projected to triple to 12% by 2028 driven by AI’s need for constant, high-reliability energy. In response tech giants are signing nuclear power purchase agreements. Meta (META) recently inked a deal with Constellation Energy for an Illinois-based nuclear plant, following similar moves by other tech giants. Clean reliable nuclear power is becoming essential for AI innovation.
 

Top Nuclear Stocks and ETFs to Watch

Cameco (CCJ)

The world’s second largest uranium producer and a major stakeholder in Westinghouse. Cameco offers direct exposure to both uranium supply and nuclear reactor construction.

Constellation Energy (CEG)

The largest non rate regulated nuclear plant operator in the U.S., Constellation benefits from rising electricity prices without regulatory caps on profit.

GE Vernova (GEV)

A spinoff from GE’s energy division, Vernova offers diversified exposure across multiple energy technologies, including nuclear.

Global X Uranium ETF (URA)

This ETF includes 51 holdings and $3.6 billion in assets, offering broad exposure to uranium miners and nuclear component manufacturers. Cameco is its largest holding.

Sprott Uranium Miners ETF (URNM)

Focused on uranium mining, this ETF includes 38 companies dedicating at least 50% of their business to uranium production, with $1.7 billion in assets.
 

The SMR Opportunity: Small Modular Reactors

SMRs factory built smaller nuclear reactors are gaining traction due to faster deployment and lower costs. Over 80 designs are in development globally, and the biggest current players are:

NuScale Power (SMR)

The only company with U.S. NRC-certified SMR technology, NuScale holds a critical first-mover advantage. It expects approval soon for its higher-output 77 MW reactors, potentially making them cost-competitive with coal.

Backed by federal support, NuScale benefits from a recent executive order aimed at boosting nuclear energy production and streamlining licensing. Its partnership with ENTRA1 Energy further enhances its market position by enabling rapid deployment of NuScale-powered plants. NuScale’s strong Q1 performance and recent policy tailwinds position it well for future growth.

Oklo (OKLO)

Backed by OpenAI’s Sam Altman, Oklo aims to launch its first reactor by 2027. Recently, it secured a U.S. Department of Defense award to supply off-grid nuclear power and heat to Eielson Air Force Base in Alaska—a major vote of confidence in its technology. This deal marks Oklo’s first major client and showcases its potential for military and remote-area applications.
 

Risks in Nuclear Investing

Construction Delays: Nuclear power projects have the highest average cost overruns in the energy sector over 100% which applies to SMRs as well.

Supply Chain Bottlenecks: Uranium production is heavily concentrated, with Kazakhstan alone supplying 40%. Enrichment capabilities are also limited to a handful of providers.

Regulatory and Political Uncertainty: Nuclear projects face extensive oversight and are vulnerable to changing political sentiment.
 

The Nuclear Bottom Line

Nuclear energy is poised for long-term growth, fueled by AI’s energy appetite, shifting climate policies, and advancing technologies. Conservative investors may prefer utilities like Constellation Energy (CEG), while those seeking commodity upside can look to Cameco (CCJ). For higher-risk, higher reward plays, SMR innovators like NuScale (SMR) and Oklo (OKLO) offer unique exposure to the next frontier of nuclear power.

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